Bitcoin Pulls Back from $73K Peak as Analysts See Shift in Sentiment
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Bitcoin has pulled back recently from its peak above $73,000 in mid-March, now trading above $66,000. This comes after a huge 135% rally over the last 12 months.
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Financial services firm Stifel argues the Bitcoin top signals a shift, with crypto and tech stocks reflecting "speculative fever" from easy Fed policy.
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Stifel believes the Bitcoin peak implies weaker Big Tech stocks, a pullback in sentiment, and the S&P 500 struggling vs the Equal Weight S&P 500.
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Historically, when the Equal Weight S&P outperforms, value stocks tend to outperform growth stocks, notes Stifel.
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Stifel questions if the Fed's dovish pivot was political; they feel investors perceiving it as such supports a pullback for major equity indices.